Search form

Search form

The Commodity Futures Trading Commission is seeking feedback on a proposal to introduce "swaps reports," which would offer information about off-exchange interest-rate, credit, commodity and equity derivatives. "For years, the public has benefited from the futures market data we have published in our commitment of traders reports. Our goal is to provide similar transparency to the public for the swaps market," CFTC Chairman Gary Gensler said.

Related Summaries

The Commodity Futures Trading Commission voted unanimously on Wednesday that financial firms entering into swaps agreements with government-owned utilities do not have to register as swaps "dealers" for most transactions.

Bloomberg filed a lawsuit Tuesday against the Commodity Futures Trading Commission, saying the agency's rules that set higher standards for swaps collateral than for futures collateral are arbitrary. Bloomberg argues that unless the rules are changed, liquidity will be siphoned away from swaps and toward "swap futures," which lack the safeguards Congress sought in the Dodd-Frank Act.

The Commodity Futures Trading Commission is poised to vote this week on definitions for "swaps dealer" and "major swaps participant." Companies could face different regulations, depending on how they are designated. For commodity merchants and major energy companies, designation could force them to decide whether to keep their third-party swaps-dealing desks.

Gary Gensler, chairman of the Commodity Futures Trading Commission, outlined a plan for implementing measures in the Dodd-Frank act. Gensler estimated how many companies might be affected by changes to the massive swaps market and said the CFTC is working to define "swap dealer, "major swap participant" and other terms. "Initial estimates are that there could be in excess of 200 entities that will seek to register as swap dealers," Gensler said. Read Gensler's full remarks.

Gary Gensler, chairman of the Commodity Futures Trading Commission, has made it clear to market participants that his responsibilities and priorities have shifted. Having spent 18 years in the financial industry, Gensler was once focused on increasing revenue and bonuses. His loyalty has turned to the American taxpayer, he said. Gensler has been on a mission to push the massive over-the-counter derivatives market into a regulatory spotlight, and he has indicated that he has no plans to let up on his goal.